Market Reacts to Trump's Tariff Remarks

Oil prices experienced a decline of over 1% on Monday, influenced by United States President Donald Trump's comments in a recent Time magazine interview. Trump suggested that implementing trade tariffs of up to 50% by next year would signify a "total victory", casting a shadow over market optimism.

OPEC+ Output Increase Concerns

Further dampening the market mood were speculations around OPEC+ potentially increasing its output in the coming months. This has raised fears of an oversupply, exacerbated by Kazakhstan's reluctance to adhere to the organization's production agreements.

Price Movements

By 5:55 am ET, West Texas Intermediate (WTI) for June's settlements had decreased by 1.21%, trading at $62.84 per barrel. Similarly, Brent for June's deliveries saw a 1% drop, settling at $66.58 per barrel.